Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announces that Sacombank, Vietnam's sixth largest retail bank, has gone live on Temenos T24 (T24).
Sacombank now fully operates its entire banking operations to support over two million customers on T24.
T24 was deployed in over 250 branches in just over one year, with the project completed ahead of schedule. This included launching new operations in Lao and Cambodia in less than four months.
Sacombank is one of the most profitable banks in Vietnam which generated a return on capital of over 25% and increased its pre-tax profit by 96% last year. A T24 user since 2004, Sacombank used the system to support several areas of its business including general ledger, customer information system, deposit and credit products and services. It extended its partnership with Temenos in 2008 to extend its use of T24 to its entire operations in support of its ambitious growth objectives.
"Rolling out T24 to all branches allows us to begin our expansion beyond Vietnam and enter new markets, including the US, the EU and Australia. It also allows us to address key issues such as delivering country-specific offerings and ensuring we're compliant with changing regulation. T24 now provides us with three things; complete multi channel support, helping offer customers a greater choice of non-stop services via increased channels, including internet banking; and improved risk management processes - integrated loan origination with flexible credit control and approvals mechanisms provide us with the flexibility to remain compliant with changing regulation; with full support for Basel II and IFRS (International Financial Reporting Standards)', comments Mr. Dang Van Thanh, Chairman of Sacombank.
T24 replaced Smartbank, the bank's previous system which had been in place for over a decade.
Andreas Andreades, CEO, Temenos, comments: "This successful and rapid deployment illustrates how large scale retail banks like Sacombank are achieving growth and boosting profitability through sustained investment in advanced, packaged core banking software. As a global system, T24 will allow Sacombank to simplify its infrastructure and automate a number of processes for a substantially lower cost of ownership, and to develop new products at a significant pace to remain a step ahead of its competitors. We look forward to building on our relationship with Sacombank and observing their success as they rapidly expand.'